AML/CTF control measures

Measures to combat ML/TF


ID Bank CJSC (hereinafter referred to as the Bank) adheres to the Anti-Money Laundering and Counter-Terrorism financing standards.

The main objectives of the AML/TF Policy (hereinafter referred to as the Policy) are:

  • Prevention of the use of the Bank as a tool for money laundering and terrorist financing;
  • Mitigation of possible risks associated with money laundering and terrorist financing;
  • Protection of the business reputation of the bank and its clients;

The Policy is based on the Law of the Republic of Armenia on Combating Money Laundering and Terrorism Financing, Regulation on Minimum Requirements to Reporting Entities in the Field of Preventing Money Laundering and Terrorism Financing of the Central Bank of the Republic of Armenia, other laws and legal acts.

The Policy includes:

  • Application of the “Know Your Customer” principle (including the identification of beneficiaries and authorized persons);
  • Customer due diligence;
  • Enhanced customer due diligence;
  • Implementation of monitoring on a daily basis;
  • Updating customer data;
  • Application of a risk-based approach;
  • Identifying suspicious transactions;
  • Submission of reports on mandatory and suspicious transactions/business relationship to the Central Bank of the Republic of Armenia;
  • Training of employees on AML/TF, organization of trainings

The Bank does not establish correspondent relations with the banks that do not operate in the country of their registration and are from countries or territories, that do not meet AML standards.


  • The Bank is prohibited to open, issue, provide or serve anonymous accounts or accounts in fictitious names;
  • The Bank does not open accounts with only numeric, alphabetic, or other conventional symbolic expression;
  • The Bank does not serve bearer shares;
  • The Bank refuses to execute the transaction if the customer fails to provide the documents required for establishment of business relationship or execution of the transaction;
  • It is prohibited to conduct transactions or establish business relationships concerning:

  1. Nuclear power;
  2. Business activity of the "red lanterns";
  3. marijuana;
  4. virtual currencies.

Employers of the Financial Monitoring Unit of the Bank pass the professional qualification exam for license once in three years at the Central Bank or at relevant international organization.

Anti-Money Laundering Questionnaire   Wolsfberg Group Anti-Money Laundering Questionnaire

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Information updated 06.04.2023 07:04
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